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As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero...
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Wednesday 23rd July 2008
In a move which has been on the cards for some time Northern Rock has announced the appointment of a new chief executive to take over the reigns from Andy Kuipers who will be leaving the group at the end of September. Kuipers was one of the few original Northern Rock directors to avoid the chop and his place will be taken by Gary Hoffman who is currently the vice chairman of Barclays Bank.
The move is seen as positive by many in the city as Hoffman has experience in the industry and a good track record as a safe pair of hands. The appointment also paves the way for high profile executive chairmen Ron Sadler to step back from the frontline and become non-executive chairman. However, the appointment of someone with such close connections to a banking competitor is sure to raise a number of eyebrows and talk of a takeover but nothing has officially been mentioned.
While Northern Rock is very much on the right track to repaying the massive loans received from the government, the company is as at risk as any other to the ongoing economic downturn. The change in management should give the group a little more long term focus at a time when difficult decisions will need to be made. |
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